Steve Thomas at Altera Real Estate in Aliso Viejo says that as of April 28 … the home inventory report in Orange County are showing that Laguna Beach is the Hardest Hit area for home sale. Newport Coast and Newport Beach are also on that list.
This is the latest report for Orange County housing market:
|All of O.C.||11,144||3,189||3.5||2.4||$869k|
|Corona Del Mar||141||21||6.7||8.3||$2.6m|
- “Hardest” market to sell a home in, based on the same math, is Laguna Beach with market time at 11.9 months to theoretically sells all for-sale homes at the current buying pace. A year ago, this town was at 8.3 months.
- We note that 3 of the Top 5 “Hardest Markets To Sell a Home In” are Newport-realted: Newport Beach, Corona del Mar and Newport Coast!
- The 5 “hardest to sell” markets have a combined market time of 7.9 months and were 14% of the supply of homes for sale and 6% of homes in escrow.
- The “fastest” O.C. town in terms of “market time” (supply of homes for sale vs. new purchase deals inked in past month) is Portola Hills at 1.6 months to theoretically sell all for-sale homes at the current buying pace. A year ago, this town was at 1.5 months.
- The 5 “fastest” markets combined have a market time of 2.2 months and comprised 6% of the supply of homes for sale and 9% of homes in escrow.
- All told, countywide market time was 3.5 months last week.
- All told, 5% of the communities tracked by Thomas had “market times” less than 2 months, a clear sellers’ market. Four weeks ago? 5% – and it was 38% a year ago.
- Chart at right looks at the 5 hottest and 5 coldest markets in O.C. as of last Thursday (supply for sale; new deals made; market time in months vs. a year ago and average listing price) by Thomas’ market time math.
- More stats from Altera Real Estate HERE!